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In This Issue
· Budget 2010
. Property
- Tax Rates
- Tax Dates.
- Tax Facts
- IRD Website
LAQC's
Is this still the best structure for your investment or business? Call us if you would like a "half price budget review appointment".
The first ten appointments using this will be at half my normal hourly rate.
ACC Problems
ACC - are taking a very long time to process the applications for the new policy we are recommending all clients go on to. This is because it is so good, It saves money and increases likely income at claim time. Please send us an email here to ask us to check your ACC account.
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June Tipbits
Budget - 20 May 2010
Property Investment
- Changes to claim on Buildings - expected
- Changes to new plant and equipment depn allowances - not expected and not liked!
- Changes to LAQC's not as bad as I feared, but may still result in some clients changing their structures before April 1 next year - if you have an existing LAQC structure please consider a phone or personal appointment with us - to discuss the ramifications with you personally as an investment you should make.
- New Capital purchases - eg Carpet for a rental property - can be listed separately and still depreciated over 10 year life.
Tax Rates
- New reduced tax rates from April 1 this year. - Great.
- Increase in GST - Great. I say great because I do see GST as an indirect tax that means everyone who spends pays some tax - including those that somehow illegally or legally avoid paying direct tax.
GST increase coming soon will hopefully get many of our clients who are not GST registered getting their annual work to us earlier to make sure they don't pay extra by doing their taxes later in the year. Our business clients if you increase your price by 2.5% you will not and should not be affected by the GST increase.
GST/PAYE Calenders
I pointed out to a regular client a few weeks ago that he was consistently missing his GST dates and incurring penalty and interest even 1 day late is bad but 3 days late is worse with 5% penalty. I asked him if he had one of my reminder calendars - "yes he said I had one - but then my wife found a prettier calendar and threw your one out".
I should have told him to tell his wife that keeping our calendar on the desk to remind for tax payment dates may save them the equivalent of a new pair of shoes every month!
So if you pay regularly GST or PAYE or both please phone our office and we will send you out a desktop calendar for the next 12 months to help you to remember the dates to pay your taxes online and avoid late penalties. Stocks are limited and will go so phone over the next month or request one - if you drop in to see us please.
Asking Questions - Key to Success
"Ask and you will receive" A fundamental success principle given by what I consider the best teacher who ever lived. Jesus
1) What do I want out of life that I am not getting now?
2) What is needed for me to get what I most want?
3) What obstacles do I need to overcome in order to get what I want?
4) Who can help me get what I need so I can overcome these obstacles?
5) What action do I need to take to overcome the obstacles standing between myself
and the things I want that I don't currently have.
6) What am I waiting for?
This year I have been reading a book called "The Winners Bible" written by a NZ author. He is a performance coach to top athletes here and overseas. He has written a book to encourage his readers to develop a winning attitude that is everything in top sportspeople. If you really are interested in answering the questions above and others like it - challenging yourself and finding out more about yourself - take action get this book from the Warehouse or Whitcolls and start working through it. Phone me I would love to know how you get on with it - it sure is not easy if you are aiming to be a winner.
"Overnight Success - usually takes a minimum of 15 years hard work!"
"The future belongs to those who believe in the beauty of their dreams. In the long run, we really do shape our own lives; and then together we shape the world around us. The process never ends until we die." Eleanor Roosevelt.
Michelle Thompson
Director
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